Former John Locke Foundation Headliner Tim Carney blogs for the Washington Examiner about a clear of cronyism that has attracted little outcry from other media outlets.
Imagine a billionaire fundraiser for George W. Bush investing $3 billion in a multinational corporation run by a Bush appointee. Then imagine that multinational rakes in billions in subsidies, tax credits, loan guarantees, and bailout funds. And then W’s billionaire fundraiser makes bank as the multinational corporation sees a tripling of its stock price.
You might suspect cronyism, no?
Well, replace George W. Bush with Barack Obama, and that’s exactly what’s gone on. The billionaire fundraiser in Warren Buffett in the multinational is General Electric. …
… I’ve documented pretty thoroughly the ways in which GE — which spends more on lobbying than any other corporation — profits from Obama policy on climate, energy, stem-cells, rail, transportation, health, and more.
Remember, too, that Buffett put a $5 billion bet on Goldman four years ago, because he was confident in a bailout — and the bailout made him money. Then he put $5 billion on Bank of America after talking with Obama.
